Problem: There are 5 blue chips and 3 yellow chips in a bag. One chip is drawn from the bag. That chip is placed back into the bag. A second chip is then drawn. What is the probability that the two selected chips are of different colors? Express your answer as a common fraction.
If we draw a blue chip and then a yellow chip, or if we draw a yellow chip and then a blue chip, then our draws will be different colors. So, the probability is $\frac{5}{8} \cdot \frac{3}{8} + \frac{3}{8} \cdot \frac{5}{8} = 2 \cdot \frac{15}{64} = \boxed{\frac{15}{32}}$.